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Christmas is two weeks away.
Time to focus on the “science” part, the numbers part, of “the art and science of inventory management.” The march has begun toward a vital, critical touchstone – your 12/31 targeted ending inventory level.
On that date, you must have appropriate inventory levels and mix for the months ahead – plus the cash to pay for it!
This is the moment an “ending inventory enforcer” must step up.
Periodically it’s more essential than normal for business owners to interrupt their routine and get a good look at their upcoming financial choices.
And this is one of those times!
Many very savvy people are quite concerned about the economy and consumer behavior right now.
High debt maturing in both the real estate and the public sectors.
The multiple international upheavals that continue to grow.
And, certainly, the impending changes at the Presidential and Congressional level in the U.S
These issues are joined by others to make NOW a very important time for business owners to look ahead financially…maybe weekly for a while.
Ahh yes, yet another flexibility test. The first quarter of 2023 was full of some major events, nationally and internationally, that disrupted many business plans. As you contemplate where you are now with your retail operation, compared to where you intended to be, don't despair! Even more important, just like you do with the GPS system in your car, disregard "returning to the prescribed route." This is retail, after all. Change is the name of the game!
There's a very important annual job for you, the owner, and all of your senior staff. It's vital, and it involves your presence. The pressures are mounting on your stores, and in particular, your front line staff.
In the free enterprise system, owners are free to succeed. And free to fail. That's why The Retail Owners Institute has defined the #1 responsibility of the Owner as the survival of the business. But then, the owner must define "Why?" Why are we doing this, anyway? Why are we working so hard for this business to survive and thrive?
Have you seen what the Silicon Valley venture capital firms are saying to the startup firms they've invested in?
While it may be tempting to smile and nod approvingly at this dose of business reality, there's a ripple effect to be aware of. As reported in the May 31 edition of the Wall Street Journal*, "Their advice includes cutting costs, preserving cash, and jettisoning hopes that hedge funds or other investors will swoop in with big checks."
Every day, there are all too many headlines of things outside our control.
The drumbeat of news about these events is relentless. And wearing. While retailers are notably resiliant and optimistic, there IS a limit to how much uncertainty one can continue to take. Then we discovered that there is a name for all this: VUCA.
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